The beginning balance of Fairground, Co.’s Accounts Receivable on 3/1/2019 was $7,090. During March, the company...

Question

Question

The beginning balance of Fairground, Co.’s Accounts Receivable on 3/1/2019 was $7,090. During March, the company...

The beginning balance of Fairground, Co.’s Accounts Receivable on 3/1/2019 was $7,090. During March, the company had the following transactions:
- Issued 5,000 shares of common stock at par value for $20,000 cash.
- Purchased equipment for $2,500, paying cash.
- Provided services to customers worth $11,670 on account.
- Purchased additional supplies worth $1,750 on account.
- Received cash of $13,090 from customers for services provided during the month.
- Paid creditors $3,480 for supplies previously purchased on account.
- Paid employees $5,600 in cash for March salaries.
What was the balance of the company’s Accounts Receivable account as of 3/31/2019 following these transactions?

a.
$8,820.

b.
$3,940.

c.
$5,360.

d.
$8,510.

e.
$5,670.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Balance of accounts receivable:

= Opening balance + Service rendered on account - Cash received from customers

= $7,090 + $11,670 - $13,090

= $5,670

Option e.

Add a comment

Answer 2

Similar Homework Help Questions

The beginning balance of Fairground, Co.’s Accounts Receivable on 3/1/2019 was $7,090. During March, the company...

The beginning balance of Fairground, Co.’s Accounts Receivable on 3/1/2019 was $7,090. During March, the company had the following transactions: Issued 5,000 shares of common stock at par value for $20,000 cash. Purchased equipment for $2,500, paying cash. Provided services to customers worth $11,670 on account. Purchased additional supplies worth $1,750 on account. Received cash of $13,090 from customers for services provided during the month. Paid creditors $3,480 for supplies previously purchased on account. Paid employees $5,600 in cash for...
QUESTION 14 On 1/1/2017, the beginning of the 2017 annual accounting period, Johnny Yen, Co. had...

QUESTION 14 On 1/1/2017, the beginning of the 2017 annual accounting period, Johnny Yen, Co. had a Retained Earnings balance of $4,920. For the three years of 2017, 2018 and 2019, the company reported the following information: Year Net Income (Loss) Dividends 2017 $2,010 S 0 2018 $3,575 $90 2019 $5,195 $215 What was the company's Retained Earnings as reported on the classified balance sheet as of 12/31/2019? O a 56,455. $11,375 None of the answers given are correct. $15,395....
Radar Repair Company opened on March 1 of the current year. During March, the following transactions...

Radar Repair Company opened on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 1. Rick Radar, the sole stockholder, invested $20,000 cash in the business in exchange for common stock. 2. Rick contributed $2,000 of equipment to the business in exchange for common stock. 3. The company provided $8,000 of services to customers on account. 4. The company paid $2,000 cash to rent office space for the month of...

Radar Repair Company opened on March 1 of the current year. During March, the following transactions...

Radar Repair Company opened on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 1. Rick Radar, the sole stockholder, invested $15,000 cash in the business in exchange for common stock. 2. Rick contributed $22,000 of equipment to the business in exchange for common stock. 3. The company provided $8,000 of services to customers on account. 4. The company paid $1,000 cash to rent office space for the month of...
Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment;...

Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Transactions Oct. 1 3 6 10 15 27 30 31 31 31 Paid rent for the month, $2,300. Paid advertising expense, $700. Paid cash for supplies, $1,250. Purchased office equipment on account, $9,600. Received cash from customers on account, $17,000. Paid creditors on account, $3,180. Paid...
18) On January 1, 2019, the Accounts Receivable of Linda Company had a debit balance of...

18) On January 1, 2019, the Accounts Receivable of Linda Company had a debit balance of $20,000. During lanuary, the company provided services for $600,000 on account. T company collected $250,000 from its customers on account in S ary. What was th ending balance in the Accounts Receivable account at the end of January? a $350,000 b. $620,000 C $370,000 d. $600,000 THERE lege nisla 19) Education of All sells tickets in advance for their weekly productions and records proceeds...

Transactions Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office...

Transactions Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Oct. 1. Paid rent for the month, $3,100. 3. Paid advertising expense, $2,000. 5. Paid cash for supplies, $860. 6. Purchased office equipment on account, $13,200. 10. Received cash from customers on account, $4,290. 15. Paid creditors on account, $1,260. 27. Paid cash for miscellaneous...
only final answers plz 15. The Accounts Receivable account has a beginning balance of $10,000 and...

only final answers plz 15. The Accounts Receivable account has a beginning balance of $10,000 and the company provides services $50,000 on account during the month. If the company received cash payments from customers totaling $12,000 from customers during the month, what is the ending balance in the Accounts Receivable account? A. $50,000 B. $52,000 C. $48,000. D. $62,000. 16. When cash payments are made to stockholders, what is the effect on the company's accounts? A. Cash decreases and dividends...
Directions: a. Record journal entries for the January 2019 transactions. b. Prepare T-accounts for each of...

Directions: a. Record journal entries for the January 2019 transactions. b. Prepare T-accounts for each of the accounts provided. Enter beginning balances. Record each of the January transactions in the T-accounts and calculate ending balance for each account. Create new accounts as necessary. c. Prepare a statement of income for the month of January in good form. The following account balances are provided for Green Goblin Corporation at December 31, 2018: Title Balance Accounts payable $65,000 Accounts receivable 90,000 Bank...

Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment;...

Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Oct. 1. Paid rent for the month, $3,000. 3. Paid advertising expense, $1,940. 5. Paid cash for supplies, $830. 6. Purchased office equipment on account, $12,700. 10. Received cash from customers on account, $4,160. 15. Paid creditors on account, $1,220. 27. Paid cash for miscellaneous expenses,...

The beginning balance of Fairground, Co.’s Accounts Receivable on 3/1/2019 was $7,090. During March, the company...

Homework Answers